As previously reported, Citizens JMP analyst Andrew Boone downgraded Rent The Runway (RENT) to Market Perform from Outperform with no price target after the company reported in-line Q4 results, but guided to declining Q1 revenue and EBITDA while guiding to 2025 free cash flow losses of $30M-$40M. Along with citing balance sheet risk as Rent the Runway invests in 2025, the firm awaits greater confidence that subscriber growth can accelerate before returning to a more positive rating on the shares.
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